Thursday, June 13 at 5:00 pm, in Luxembourg

The Case:

In 2012, Antin was a young private equity firm managing a €1.1bn fund raised from bank BNP Paribas and several institutional investors. As per its mandate, it had invested in brownfield infrastructure assets in Europe ranging from a toll road in Croatia, to a train leasing company in the UK, or solar photovoltaic power plants in Italy. Antin followed a “value-add” strategy, taking an active role in setting strategy for its businesses to “de-risk”, improve and grow them, and eventually sell them at a higher multiple. Now it had the opportunity to bid for over 2,000 wireless communication towers being sold by Bouygues Telecom.

The discussion will focus on the following topics:

Infrastructure assets as financial investments:
• What are the key characteristics of infrastructure assets as investments?
• Why have these assets become so attractive to institutional investors?

Private equity:
• Antin targeted a 15% IRR and a 5% cash yield: What do these mean?
• How do the investors (LPs) and Antin’s team (GP) share profits?

Business strategy and value creation:
• What are the value drivers of a tower business?
• What value creation opportunities might Antin follow with the towers?

5:00 pm Welcome Coffee & Registration
5:30 pm Introduction by Sandrine Pompidou & Nicolas Henckes, co-presidents of HEC Alumni Luxembourg
5:40 pm Presentation of HEC Executive Education programs
6:00 pm Masterclass by Professor Gromb
7:00 pm Q&A
7:30 pm Networking Cocktail

Chambre de Commerce
7 r. Alcide de Gasperi - Kirchberg
2981 Luxembourg

Parking spaces will be available on first come first served basis.


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Denis, a Professor of Finance at HEC Paris, has over 20 years of teaching experience. He teaches courses related to corporate finance in different programs at HEC Paris, and has won several awards for teaching and case writing. His research on corporate finance, corporate governance, banking, and financial crises has been published in top academic journals.

Speaker: Denis Gromb

Professor of Finance at HEC Paris